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Crude Bounce Nixed on Putin's "Positive Shifts"

  • Having slipped lower through the Thursday session, WTI crude futures bounced off the overnight lows to show back above $110/bbl, with reports of a pause for Iranian nuclear talks fueling a modest rally.
  • The price action was, however, nixed by comments from Russia's President Putin who, according to Interfax, stated that there are "certain positive shifts in talks with Ukraine". Nonetheless, prices remain above support marked at the overnight lows of $104.50 and $103.63 below.
  • The all-time high print in Gold of $2075.5 on Aug 7 2020 remains intact following Wednesday's strong sell-off. The broader trend condition is bullish and the pullback is allowing an overbought condition to unwind. The next support is seen at $1961.2, Mar 7 low, while a firmer area of support lies at $1932.9, the 20-day EMA.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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